2023 Q2 Form 10-Q Financial Statement

#000155837023007327 Filed on April 28, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $85.66M $78.33M $31.95M
YoY Change 78.23% 145.14% -46.73%
Cost Of Revenue $1.013M $1.206M $24.51M
YoY Change -97.25% -95.08% -45.89%
Gross Profit $84.65M $77.12M $7.440M
YoY Change 652.29% 936.6% -89.04%
Gross Profit Margin 98.82% 98.46% 23.28%
Selling, General & Admin $18.90M $10.30M $1.475M
YoY Change -487.37% 598.31% -93.39%
% of Gross Profit 22.33% 13.36% 19.83%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.500M $2.400M $1.357M
YoY Change 86.85% 76.86% -91.22%
% of Gross Profit 2.95% 3.11% 18.24%
Operating Expenses $22.20M $14.50M $4.178M
YoY Change 7.46% 247.06% -87.18%
Operating Profit $15.83M $2.454M $3.262M
YoY Change -268.27% -24.77% -90.76%
Interest Expense $46.06M $40.87M $29.24M
YoY Change 90.71% 39.77% 1.51%
% of Operating Profit 290.95% 1665.57% 896.47%
Other Income/Expense, Net $1.274M $14.09M $930.0K
YoY Change -16.35% 1414.95% 267.59%
Pretax Income $22.64M $4.700M -$1.885M
YoY Change -117.08% -349.34% -87.59%
Income Tax $525.0K $3.000K
% Of Pretax Income 2.32%
Net Earnings $22.13M $4.682M $616.7M
YoY Change -116.69% -99.24% 11176.81%
Net Earnings / Revenue 25.83% 5.98% 1930.11%
Basic Earnings Per Share $0.35 $0.07 $8.85
Diluted Earnings Per Share $0.35 $0.07 $8.85
COMMON SHARES
Basic Shares Outstanding 63.94M 86.84M 69.04M
Diluted Shares Outstanding 63.94M 63.67M 69.04M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.00M $20.00M $1.500B
YoY Change -99.0% -98.67% 673.3%
Cash & Equivalents $14.28M $20.34M $1.500B
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $2.000M $301.0K
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $1.499B $1.453B $1.501B
YoY Change 6.87% -3.17% 661.68%
LONG-TERM ASSETS
Property, Plant & Equipment $1.187M $1.308M $418.2M
YoY Change -99.7% -99.69% -83.31%
Goodwill $149.5M $155.8M
YoY Change
Intangibles
YoY Change
Long-Term Investments $267.2M $243.5M $1.526B
YoY Change -82.84% -84.04% 23.36%
Other Assets $251.0M $212.0M $280.8M
YoY Change 1164.99% -24.51% 410.58%
Total Long-Term Assets $4.920B $4.838B $2.584B
YoY Change 122.83% 87.24% -43.79%
TOTAL ASSETS
Total Short-Term Assets $1.499B $1.453B $1.501B
Total Long-Term Assets $4.920B $4.838B $2.584B
Total Assets $6.419B $6.291B $4.084B
YoY Change 77.78% 54.03% -14.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.00M
YoY Change
Accrued Expenses $92.00M $96.00M $163.3M
YoY Change -19.06% -41.22% -0.41%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $103.0M $110.0M $163.3M
YoY Change -9.39% -32.65% -38.6%
LONG-TERM LIABILITIES
Long-Term Debt $3.982B $3.902B $2.084B
YoY Change 117.21% 87.21% -37.62%
Other Long-Term Liabilities $80.00M $80.00M $51.53M
YoY Change 143.64% 55.26% -62.11%
Total Long-Term Liabilities $4.062B $3.982B $2.136B
YoY Change 117.67% 86.44% -38.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $103.0M $110.0M $163.3M
Total Long-Term Liabilities $4.062B $3.982B $2.136B
Total Liabilities $4.166B $4.092B $2.299B
YoY Change 110.45% 78.0% -38.57%
SHAREHOLDERS EQUITY
Retained Earnings $154.8M $144.2M -$1.625B
YoY Change -108.73% -108.87% -29.64%
Common Stock $639.0K $639.0K $69.00K
YoY Change 660.71% 826.09% -5.48%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.199B $2.152B $1.454B
YoY Change
Total Liabilities & Shareholders Equity $6.419B $6.291B $4.084B
YoY Change 77.78% 54.03% -14.8%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income $22.13M $4.682M $616.7M
YoY Change -116.69% -99.24% 11176.81%
Depreciation, Depletion And Amortization $2.500M $2.400M $1.357M
YoY Change 86.85% 76.86% -91.22%
Cash From Operating Activities -$2.657M -$6.813M -$30.62M
YoY Change -104.58% -77.75% 706.96%
INVESTING ACTIVITIES
Capital Expenditures -$33.85M
YoY Change 605.27%
Acquisitions
YoY Change
Other Investing Activities -$85.89M -$251.0K -$4.514M
YoY Change -139.3% -94.44% 45.99%
Cash From Investing Activities -$85.89M -$269.9M $2.418B
YoY Change -141.44% -111.16% 1656.72%
FINANCING ACTIVITIES
Cash Dividend Paid $22.14M $9.672M
YoY Change 128.95%
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 82.69M 276.6M -1.230B
YoY Change -120.14% -122.49% 3277.8%
NET CHANGE
Cash From Operating Activities -2.657M -6.813M -30.62M
Cash From Investing Activities -85.89M -269.9M 2.418B
Cash From Financing Activities 82.69M 276.6M -1.230B
Net Change In Cash -5.864M -101.0K 1.157B
YoY Change -95.97% -100.01% 1089.18%
FREE CASH FLOW
Cash From Operating Activities -$2.657M -$6.813M -$30.62M
Capital Expenditures -$33.85M
Free Cash Flow $3.229M
YoY Change 221.29%

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IssuanceOfStockAndRestrictedStockUnitAmortizationNet
307623000
CY2022Q1 us-gaap Common Stock Dividends Per Share Declared
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0.17
CY2022Q1 us-gaap Dividends
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OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
5289000
CY2022Q1 safe Temporary Equity Caret Units Issued During Period Value
TemporaryEquityCaretUnitsIssuedDuringPeriodValue
18829000
CY2022Q1 us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
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CY2022Q1 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
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CY2022Q1 us-gaap Temporary Equity Issue Period Increase Or Decrease
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171000
CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Increase In Carrying Amount Of Redeemable Preferred Stock
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171000
CY2022Q1 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
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19000000
CY2022Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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2012327000
CY2023Q1 us-gaap Profit Loss
ProfitLoss
4716000
CY2022Q1 us-gaap Profit Loss
ProfitLoss
24907000
CY2023Q1 us-gaap Depreciation And Amortization
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2398000
CY2022Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
2402000
CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
4680000
CY2022Q1 us-gaap Share Based Compensation
ShareBasedCompensation
282000
CY2023Q1 us-gaap Straight Line Rent
StraightLineRent
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CY2022Q1 us-gaap Straight Line Rent
StraightLineRent
7914000
CY2023Q1 safe Non Cash Interest Income From Sales Type Leases
NonCashInterestIncomeFromSalesTypeLeases
20380000
CY2022Q1 safe Non Cash Interest Income From Sales Type Leases
NonCashInterestIncomeFromSalesTypeLeases
15848000
CY2023Q1 safe Interest Expense Noncash
InterestExpenseNoncash
3026000
CY2022Q1 safe Interest Expense Noncash
InterestExpenseNoncash
3058000
CY2023Q1 us-gaap Amortization Of Above And Below Market Leases
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576000
CY2022Q1 us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
577000
CY2023Q1 us-gaap Provision For Loan Lease And Other Losses
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2242000
CY2023Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
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CY2022Q1 us-gaap Income Loss From Equity Method Investments
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CY2023Q1 us-gaap Equity Method Investment Dividends Or Distributions
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547000
CY2022Q1 us-gaap Equity Method Investment Dividends Or Distributions
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531000
CY2023Q1 us-gaap Amortization Of Financing Costs And Discounts
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CY2022Q1 us-gaap Amortization Of Financing Costs And Discounts
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CY2023Q1 us-gaap Management Fee Expense
ManagementFeeExpense
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CY2022Q1 us-gaap Management Fee Expense
ManagementFeeExpense
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CY2023Q1 us-gaap Other Operating Activities Cash Flow Statement
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1573000
CY2022Q1 us-gaap Other Operating Activities Cash Flow Statement
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1280000
CY2023Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2022Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2023Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
489000
CY2022Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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11567000
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
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24599000
CY2023Q1 safe Paymentsto Originate Acquire Sales Type Lease
PaymentstoOriginateAcquireSalesTypeLease
69904000
CY2022Q1 safe Paymentsto Originate Acquire Sales Type Lease
PaymentstoOriginateAcquireSalesTypeLease
532268000
CY2023Q1 us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
114450000
CY2023Q1 us-gaap Payments To Acquire Businesses Gross
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88685000
CY2023Q1 us-gaap Cash Acquired From Acquisition
CashAcquiredFromAcquisition
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CY2022Q1 safe Proceeds Fundings On Ground Lease Receivables
ProceedsFundingsOnGroundLeaseReceivables
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CY2023Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
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CY2022Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
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CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2022Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
309160000
CY2023Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
280000000
CY2022Q1 us-gaap Proceeds From Issuance Of Long Term Debt
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940000000
CY2023Q1 us-gaap Repayments Of Secured Debt
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0
CY2022Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
720000000
CY2023Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
4610000
CY2022Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
4455000
CY2023Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
22144000
CY2022Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
9672000
CY2022Q1 safe Paymentsof Offering Costs
PaymentsofOfferingCosts
4731000
CY2022Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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CY2023Q1 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
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CY2022Q1 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
11000
CY2023Q1 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
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CY2022Q1 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
18000
CY2022Q1 safe Proceeds From Sale Of Redeemable Noncontrolling Interest
ProceedsFromSaleOfRedeemableNoncontrollingInterest
19000000
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
528339000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-101000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
117753000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
48390000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
38516000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
48289000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
156269000
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
20335000
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
30561000
CY2023Q1 us-gaap Restricted Cash
RestrictedCash
27954000
CY2022Q1 us-gaap Restricted Cash
RestrictedCash
125708000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
48289000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
156269000
CY2023Q1 us-gaap Noncash Or Part Noncash Acquisition Debt Assumed1
NoncashOrPartNoncashAcquisitionDebtAssumed1
99995000
CY2023Q1 us-gaap Stock Issued1
StockIssued1
35588000
CY2023Q1 us-gaap Dividends Cash
DividendsCash
2000
CY2022Q1 us-gaap Dividends Cash
DividendsCash
10530000
CY2022Q1 safe Non Cash Accrued Financing Costs
NonCashAccruedFinancingCosts
99000
CY2023Q1 safe Non Cash Accrued Offering Costs
NonCashAccruedOfferingCosts
1443000
CY2022Q1 safe Non Cash Accrued Offering Costs
NonCashAccruedOfferingCosts
545000
CY2023Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2023Q1 safe Number Of Directors From Old Safe Entity On New Board
NumberOfDirectorsFromOldSafeEntityOnNewBoard
3
CY2023Q1 safe Number Of Directors From Istar Entity On New Board
NumberOfDirectorsFromIstarEntityOnNewBoard
2
CY2023Q1 safe Number Of Management Members From Both Old Safe Entity And Istar On New Board
NumberOfManagementMembersFromBothOldSafeEntityAndIstarOnNewBoard
2
CY2023Q1 safe Ground Lease Receivable Net
GroundLeaseReceivableNet
1431478000
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The preparation of these consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">In the opinion of management, the accompanying consolidated financial statements contain all adjustments consisting of normal recurring adjustments necessary for a fair statement of the results for the interim periods presented. Such operating results may not be indicative of the expected results for any other interim periods or the entire year.</p>
CY2023Q1 us-gaap Sales Type And Direct Financing Leases Lease Receivable
SalesTypeAndDirectFinancingLeasesLeaseReceivable
4571309000
CY2023Q1 safe Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Grants In Period Aggregate Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsGrantsInPeriodAggregateGrantDateFairValue
25000000.0
CY2023Q1 safe Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsGrantsInPeriodWeightedAverageGrantDateFairValue
28.89
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P4Y
CY2021Q4 us-gaap Sales Type Lease Net Investment In Lease
SalesTypeLeaseNetInvestmentInLease
2412716000
CY2021Q4 safe Ground Lease Receivable Net
GroundLeaseReceivableNet
796252000
CY2021Q4 us-gaap Sales Type And Direct Financing Leases Lease Receivable
SalesTypeAndDirectFinancingLeasesLeaseReceivable
3208968000
CY2023Q1 us-gaap Sales Type And Direct Financing Leases Lease Receivable Undiscounted Excess Amount
SalesTypeAndDirectFinancingLeasesLeaseReceivableUndiscountedExcessAmount
29565276000
CY2022Q4 us-gaap Sales Type And Direct Financing Leases Lease Receivable Undiscounted Excess Amount
SalesTypeAndDirectFinancingLeasesLeaseReceivableUndiscountedExcessAmount
29586227000
CY2023Q1 us-gaap Sales Type Lease Unguaranteed Residual Asset
SalesTypeLeaseUnguaranteedResidualAsset
2900513000
CY2022Q4 us-gaap Sales Type Lease Unguaranteed Residual Asset
SalesTypeLeaseUnguaranteedResidualAsset
2900218000
CY2023Q1 safe Presentvaluediscountonsalestypeleases
Presentvaluediscountonsalestypeleases
29325633000
CY2022Q4 safe Presentvaluediscountonsalestypeleases
Presentvaluediscountonsalestypeleases
29379846000
CY2023Q1 us-gaap Sales Type Lease Net Investment In Lease Allowance For Credit Loss
SalesTypeLeaseNetInvestmentInLeaseAllowanceForCreditLoss
325000
CY2023Q1 us-gaap Sales Type Lease Net Investment In Lease
SalesTypeLeaseNetInvestmentInLease
3139831000
CY2022Q4 us-gaap Sales Type Lease Net Investment In Lease
SalesTypeLeaseNetInvestmentInLease
3106599000
CY2022Q4 us-gaap Sales Type Lease Net Investment In Lease
SalesTypeLeaseNetInvestmentInLease
3106599000
CY2022Q4 safe Ground Lease Receivable Net
GroundLeaseReceivableNet
1374716000
CY2022Q4 us-gaap Sales Type And Direct Financing Leases Lease Receivable
SalesTypeAndDirectFinancingLeasesLeaseReceivable
4481315000
CY2023Q1 us-gaap Sales Type Lease Net Investment In Lease Purchase
SalesTypeLeaseNetInvestmentInLeasePurchase
19331000
CY2023Q1 safe Ground Lease Acquisition
GroundLeaseAcquisition
50803000
CY2023Q1 safe Origination And Acquisition Of Leaseand Lease Receivables During Period
OriginationAndAcquisitionOfLeaseandLeaseReceivablesDuringPeriod
70134000
CY2023Q1 safe Salestype Lease Net Investmentin Lease Non Cash Interest Income
SalestypeLeaseNetInvestmentinLeaseNonCashInterestIncome
14226000
CY2023Q1 safe Ground Lease Non Cash Interest Income
GroundLeaseNonCashInterestIncome
6154000
CY2023Q1 safe Noncash Accretion Amortizationof Interest Incomeon Leasesand Leases Receivable During Period
NoncashAccretionAmortizationofInterestIncomeonLeasesandLeasesReceivableDuringPeriod
20380000
CY2023Q1 us-gaap Sales Type Lease Net Investment In Lease Allowance For Credit Loss Recovery
SalesTypeLeaseNetInvestmentInLeaseAllowanceForCreditLossRecovery
26000
CY2023Q1 safe Ground Lease Receivable Allowance For Credit Loss Recovery
GroundLeaseReceivableAllowanceForCreditLossRecovery
4000
CY2023Q1 safe Sales Type And Direct Financing Leases Lease Receivable Allowance For Credit Loss Recovery
SalesTypeAndDirectFinancingLeasesLeaseReceivableAllowanceForCreditLossRecovery
30000
CY2023Q1 us-gaap Sales Type Lease Net Investment In Lease
SalesTypeLeaseNetInvestmentInLease
3139831000
CY2022Q1 us-gaap Sales Type Lease Net Investment In Lease Purchase
SalesTypeLeaseNetInvestmentInLeasePurchase
315503000
CY2022Q1 safe Ground Lease Acquisition
GroundLeaseAcquisition
216765000
CY2022Q1 safe Origination And Acquisition Of Leaseand Lease Receivables During Period
OriginationAndAcquisitionOfLeaseandLeaseReceivablesDuringPeriod
532268000
CY2022Q1 safe Salestype Lease Net Investmentin Lease Non Cash Interest Income
SalestypeLeaseNetInvestmentinLeaseNonCashInterestIncome
11705000
CY2022Q1 safe Ground Lease Non Cash Interest Income
GroundLeaseNonCashInterestIncome
4143000
CY2022Q1 safe Noncash Accretion Amortizationof Interest Incomeon Leasesand Leases Receivable During Period
NoncashAccretionAmortizationofInterestIncomeonLeasesandLeasesReceivableDuringPeriod
15848000
CY2022Q1 us-gaap Sales Type Lease Net Investment In Lease
SalesTypeLeaseNetInvestmentInLease
2739924000
CY2022Q1 safe Ground Lease Receivable Net
GroundLeaseReceivableNet
1017160000
CY2022Q1 us-gaap Sales Type And Direct Financing Leases Lease Receivable
SalesTypeAndDirectFinancingLeasesLeaseReceivable
3757084000
CY2023Q1 safe Lease Receivable Weighted Average Accrual Rate Net Investmentin Salestype Lease
LeaseReceivableWeightedAverageAccrualRateNetInvestmentinSalestypeLease
0.051
CY2023Q1 safe Lease Receivable Weighted Average Accrual Rate Net Investmentin Ground Lease
LeaseReceivableWeightedAverageAccrualRateNetInvestmentinGroundLease
0.054
CY2023Q1 safe Numberof Ground Leasereceivables
NumberofGroundLeasereceivables
33
CY2022Q4 safe Sales Type Lease Net Investment In Lease Including Unfunded Commitments Allowance For Credit Loss
SalesTypeLeaseNetInvestmentInLeaseIncludingUnfundedCommitmentsAllowanceForCreditLoss
0
CY2023Q1 safe Sales Type Lease Net Investment In Lease Credit Loss Expense Reversal
SalesTypeLeaseNetInvestmentInLeaseCreditLossExpenseReversal
31000
CY2023Q1 safe Sales Type Lease Net Investment In Lease Including Unfunded Commitments Allowance For Credit Loss
SalesTypeLeaseNetInvestmentInLeaseIncludingUnfundedCommitmentsAllowanceForCreditLoss
326000
CY2023Q1 safe Ground Lease Receivable Credit Loss Expense Reversal
GroundLeaseReceivableCreditLossExpenseReversal
-25000
CY2023Q1 safe Ground Lease Receivable Including Unfunded Commitments Allowance For Credit Loss
GroundLeaseReceivableIncludingUnfundedCommitmentsAllowanceForCreditLoss
258000
CY2023Q1 safe Sales Type Lease Net Investment In Lease Credit Loss Expense Reversal
SalesTypeLeaseNetInvestmentInLeaseCreditLossExpenseReversal
31000
CY2023Q1 safe Ground Lease Receivable Credit Loss Expense Reversal
GroundLeaseReceivableCreditLossExpenseReversal
-25000
CY2023Q1 safe Ground Lease Receivable Year Two Originated Fiscal Year Before Current Fiscal Year
GroundLeaseReceivableYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear
545941000
CY2023Q1 safe Ground Lease Receivable Year Three Originated Two Years Before Current Fiscal Year
GroundLeaseReceivableYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear
263898000
CY2023Q1 safe Ground Lease Receivable Year Four Originated Three Years Before Current Fiscal Year
GroundLeaseReceivableYearFourOriginatedThreeYearsBeforeCurrentFiscalYear
178276000
CY2023Q1 safe Ground Lease Receivable Year Five Originated Four Years Before Current Fiscal Year
GroundLeaseReceivableYearFiveOriginatedFourYearsBeforeCurrentFiscalYear
443558000
CY2023Q1 safe Ground Lease Receivable
GroundLeaseReceivable
1431673000
CY2023Q1 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Remainder Of Fiscal Year
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedRemainderOfFiscalYear
75499000
CY2023Q1 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Next Twelve Months
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedNextTwelveMonths
103814000
CY2023Q1 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Two Years
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedTwoYears
105795000
CY2023Q1 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Three Years
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedThreeYears
107770000
CY2023Q1 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Four Years
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedFourYears
109692000
CY2023Q1 safe Sales Type And Direct Financing Leases Lease Receivable To Be Received After Year Four
SalesTypeAndDirectFinancingLeasesLeaseReceivableToBeReceivedAfterYearFour
29062706000
CY2023Q1 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceived
29565276000
CY2023Q1 us-gaap Sales Type Lease Interest Income
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57062000
CY2022Q1 us-gaap Sales Type Lease Interest Income
SalesTypeLeaseInterestIncome
43031000
CY2023Q1 us-gaap Land And Land Improvements
LandAndLandImprovements
547739000
CY2022Q4 us-gaap Land And Land Improvements
LandAndLandImprovements
547739000
CY2023Q1 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
193232000
CY2022Q4 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
193232000
CY2023Q1 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
35878000
CY2022Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
34371000
CY2023Q1 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
705093000
CY2022Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
706600000
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
216120000
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
217795000
CY2023Q1 us-gaap Real Estate Heldforsale
RealEstateHeldforsale
1508000
CY2023Q1 safe Real Estate Investment Property Including Finite Lived Intangible Assets Net
RealEstateInvestmentPropertyIncludingFiniteLivedIntangibleAssetsNet
922721000
CY2022Q4 safe Real Estate Investment Property Including Finite Lived Intangible Assets Net
RealEstateInvestmentPropertyIncludingFiniteLivedIntangibleAssetsNet
924395000
CY2023Q1 safe Real Estate Available And Held For Sale Residential
RealEstateAvailableAndHeldForSaleResidential
1500000
CY2023Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
252097000
CY2023Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
35977000
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
216120000
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
252097000
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
34302000
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
217795000
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
5007000
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
6634000
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
6634000
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
3725000
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
3725000
CY2023Q1 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P80Y1M6D
CY2023Q1 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
68618000
CY2023Q1 us-gaap Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
4236000
CY2023Q1 us-gaap Below Market Lease Net
BelowMarketLeaseNet
64382000
CY2022Q4 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
68618000
CY2022Q4 us-gaap Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
4027000
CY2022Q4 us-gaap Below Market Lease Net
BelowMarketLeaseNet
64591000
CY2022Q4 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
5420000
CY2023Q1 us-gaap Interest Rate Derivative Liabilities At Fair Value
InterestRateDerivativeLiabilitiesAtFairValue
14384000
CY2023Q1 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
126204000
CY2023Q1 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
27612000
CY2023Q1 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
37174000
CY2023Q1 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
37567000
CY2023Q1 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
27945000
CY2023Q1 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
28361000
CY2023Q1 safe Lessor Operating Lease Payment To Be Received After Year Four
LessorOperatingLeasePaymentToBeReceivedAfterYearFour
5192405000
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
37032000
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
26312000
CY2023Q1 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
15306000
CY2022Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
29346000
CY2023Q1 us-gaap Debt Issuance Costs Line Of Credit Arrangements Net
DebtIssuanceCostsLineOfCreditArrangementsNet
7705000
CY2022Q4 us-gaap Debt Issuance Costs Line Of Credit Arrangements Net
DebtIssuanceCostsLineOfCreditArrangementsNet
4461000
CY2023Q1 us-gaap Other Deferred Costs Net
OtherDeferredCostsNet
13979000
CY2022Q4 us-gaap Other Deferred Costs Net
OtherDeferredCostsNet
2664000
CY2023Q1 us-gaap Deposit Assets
DepositAssets
4333000
CY2022Q4 us-gaap Deposit Assets
DepositAssets
4333000
CY2023Q1 us-gaap Deferred Costs Leasing Net
DeferredCostsLeasingNet
446000
CY2022Q4 us-gaap Deferred Costs Leasing Net
DeferredCostsLeasingNet
448000
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1308000
CY2023Q1 us-gaap Deferred Costs And Other Assets
DeferredCostsAndOtherAssets
80109000
CY2022Q4 us-gaap Deferred Costs And Other Assets
DeferredCostsAndOtherAssets
67564000
CY2023Q1 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.055
CY2023Q1 us-gaap Accumulated Amortization Of Current Deferred Finance Costs
AccumulatedAmortizationOfCurrentDeferredFinanceCosts
7000000.0
CY2022Q4 us-gaap Accumulated Amortization Of Current Deferred Finance Costs
AccumulatedAmortizationOfCurrentDeferredFinanceCosts
5700000
CY2023Q1 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
57715000
CY2022Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
55459000
CY2023Q1 us-gaap Other Liabilities
OtherLiabilities
15656000
CY2022Q4 us-gaap Other Liabilities
OtherLiabilities
17639000
CY2023Q1 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
27000
CY2022Q4 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
11067000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
19636000
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
5471000
CY2022Q4 us-gaap Management Fee Payable
ManagementFeePayable
5301000
CY2023Q1 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
18786000
CY2022Q4 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
100357000
CY2023Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
3945101000
CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
3565101000
CY2023Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
43263000
CY2022Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
43742000
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
3901838000
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
3521359000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
0
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
0
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
0
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
970000000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
237000000
CY2023Q1 safe Long Term Debt Maturities Repayments Of Principal After Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour
2738101000
CY2023Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
3945101000
CY2023Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
43263000
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
3901838000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
4319000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
5692000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
5680000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
15691000
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1491000
CY2023Q1 safe Lessee Operating Lease Liability Other Adjustments
LesseeOperatingLeaseLiabilityOtherAdjustments
5436000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
19636000
CY2023Q1 safe Lessee Operating Lease Discount Rate Office Leases
LesseeOperatingLeaseDiscountRateOfficeLeases
0.058
CY2023Q1 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P3Y4M24D
CY2023Q1 safe Lessee Operating Lease Liability Other Adjustments Annual Amount Due Lessor
LesseeOperatingLeaseLiabilityOtherAdjustmentsAnnualAmountDueLessor
400000
CY2023Q1 safe Real Estate Leasehold Improvement Allowance Unfunded Pending Milestone Achievement
RealEstateLeaseholdImprovementAllowanceUnfundedPendingMilestoneAchievement
238300000
CY2023Q1 safe Long Term Purchase Commitment Future Funding Obligation Amount
LongTermPurchaseCommitmentFutureFundingObligationAmount
319600000
CY2023Q1 safe Performance Based Commitments
PerformanceBasedCommitments
139800000
CY2023Q1 safe Number Of Stockholders Filing Complaints
NumberOfStockholdersFilingComplaints
2
CY2023Q1 safe Number Of Stockholders Sending Demand Letters
NumberOfStockholdersSendingDemandLetters
2
CY2023Q1 safe Number Of Stockholders Sending Draft Complaint
NumberOfStockholdersSendingDraftComplaint
1
CY2023Q1 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
15306000
CY2022Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
29346000
CY2023Q1 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
14384000
CY2023Q1 us-gaap Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months
CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths
3800000
CY2023Q1 safe Number Of Classes Of Common Stock
NumberOfClassesOfCommonStock
1
CY2023Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
11100000
CY2023Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.177
CY2022Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
10500000
CY2022Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.17
CY2023Q1 us-gaap Profit Loss
ProfitLoss
4716000
CY2022Q1 us-gaap Profit Loss
ProfitLoss
24907000
CY2023Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
34000
CY2022Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
34000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
4682000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
24873000
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
4682000
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
24873000
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
4682000
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
24873000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
63672000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
59284000
CY2023Q1 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
0
CY2022Q1 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
1000
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
63672000
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
59285000
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.07
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.42
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.07
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.42
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4650
CY2023Q1 safe Related Party Transaction Management Fee Percent Threshold1
RelatedPartyTransactionManagementFeePercentThreshold1
0.0100
CY2023Q1 safe Related Party Transaction Management Fee Percent Threshold2
RelatedPartyTransactionManagementFeePercentThreshold2
0.0125
CY2023Q1 safe Related Party Transaction Management Fee Percent Threshold3
RelatedPartyTransactionManagementFeePercentThreshold3
0.01375
CY2023Q1 safe Related Party Transaction Management Fee Percent Threshold4
RelatedPartyTransactionManagementFeePercentThreshold4
0.015
CY2023Q1 safe Related Party Transaction Management Fee Stock Compensation Maturity
RelatedPartyTransactionManagementFeeStockCompensationMaturity
P2Y
CY2023Q1 safe Related Party Transaction Termination Fee Percent Of Prior Years Management Fee
RelatedPartyTransactionTerminationFeePercentOfPriorYearsManagementFee
0.03
CY2022Q1 safe Number Of New Ground Leases
NumberOfNewGroundLeases
3

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